implications of a move on sto, page-25

I don't agree that STO nearly has 50%. Two minority holdings, added together, do not make a majority and controlling stake. It is adding together apples and oranges.

STO are 35% and minority holders in PEL 238, and 19.9% and minority holders in ESG.

They have minority rights and non-operatorship of PEL 238, and minority voting rights in regard to ESG board decisions.

Now, I do not want to downplay that STO has a considerable stake and say in outcomes. They are a much bigger company, with the financial resources to help commercialise ESG's gas. A valuable and important alliance, to be sure.

But it would be a mistake to think they are a few % away from a controlling interest.

Y